Money and Banking (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is money in economic terms?
What is money in economic terms?
Any item widely used to exchange goods
Which characteristic means money can be broken into smaller amounts?
Which characteristic means money can be broken into smaller amounts?
Divisibility
How many characteristics must be present for something to function effectively as money?
How many characteristics must be present for something to function effectively as money?
All seven characteristics
Money as a medium of exchange allows people to avoid which older practice?
Money as a medium of exchange allows people to avoid which older practice?
Bartering goods directly
Which function allows money to measure and compare the value of different items?
Which function allows money to measure and compare the value of different items?
Unit of account
What gives fiat money its value?
What gives fiat money its value?
Government decree and public acceptance
What defines commodity money?
What defines commodity money?
Items that have intrinsic value
What form of money dominates most modern transactions today?
What form of money dominates most modern transactions today?
Bank money
What is the key difference between debit and credit cards?
What is the key difference between debit and credit cards?
Debit links to account; credit borrows
What is the SARB's inflation target range for South Africa?
What is the SARB's inflation target range for South Africa?
3-6% per year